German funds servicer Universal Investment names Francesca McDonagh as group CEO
Universal Investment Group, one of Europe’s largest fund services platforms, has named former Bank of Ireland chief Francesca McDonagh as its new group CEO, effective 1 January 2024.
Francesca McDonagh, group CEO of Universal Investment
McDonagh previously spent five years working as group CEO for Bank of Ireland between 2017 and 2022, and was noted as a key figure in its acquisition of the Irish wealth management and capital markets services provider Davy, as well as for her efforts in realigning the bank’s culture and developing its digital banking services.
More recently, she served as group COO of Credit Suisse, where she led a number of “strategic initiatives”, including the bank’s acquisition into UBS Group earlier this year.
The majority of her 25-year industry experience however comes from HSBC, where she served in several senior management roles between 1997 and 2017, most latterly heading its European retail and wealth management business.
Her new employer, Frankfurt-headquartered Universal Investment, is a super management company (Super ManCo) specialising in providing investment solutions, including fund management, structuring and administration services, for institutional investors and asset managers. As of September, it had €979 billion in assets under administration and around 2,000 fund and investment mandates.
As group CEO, McDonagh will be tasked with leading the company’s growth through geographical expansion initiatives, mergers and acquisitions, as well as strengthening its current services suite with the backing of its shareholders Montagu and CPP Investments.
Speaking on her plans for the company, McDonagh says that “further internationalisation will be key to accelerating Universal Investment’s successful growth trajectory”, a strategy that will enable it to become “an even better partner for its clients within and beyond Europe”.
Following McDonagh’s installation in January, David Blumer, who has served as interim group CEO since the departure of Michael Reinhard in May, is to resume his position as chairman of the group’s board.
“With her strong growth and execution track record as well as her client focus, Francesca is the ideal person to lead the next phase of the group’s growth and service evolution,” Blumer comments.
